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    Wells Fargo so confident recession will end in '09, it's still flying execs around in corporate jet

    By Dan Haugen | Published Mon, Dec 22 2008 10:45 am

    Wells Fargo economists are predicting the recession will be over by the second half of 2009.

    The bank's senior economists said in a teleconference last week that the government stimulus, pent-up consumer demand and returning consumer confidence will lead to a turnaround in the third quarter.

    The second half of '09 is going to be "better than expected," said Jim Paulsen, chief investment strategist for Wells Fargo Capital Management:

    "It's like you're at a cookout and you're trying and trying to get your charcoal going and you keep squirting lighter fluid and all of a sudden it goes 'poof!' "

    Maybe this is a sign of the bank's optimism: The Associated Press reports that executives from Wells Fargo and five other financial firms receiving government bailouts are still flying around in their corporate jets.

    A Wells Fargo spokeswoman told the AP that the bank owns a single jet that "is strictly for business purposes" and that "no (government) funds will be used for corporate jet travel."

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